CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (58/2022 Disciplinary Board) (35/2022 Authority) and the imposition of a warning against each of: 1- Amwal International Investment Company. 2- Almal Investment Company for violating the rules of Clients’ Funds and Clients’ Assets
Announcement regarding issuance of Disciplinary Board Resolution No. (58/2022 Disciplinary Board) (35/2022 Authority) and the imposition of a fine against each of: 1- Amwal Investment Company. 2- Almal Investment Company for violating the rules of Clients’ Funds and Clients’ Assets
For the following reasons:
- Provision of Article (2-5) of Module Seven (Clients’ Funds and Clients’ Assets) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:
- Provisions of Circular No. (6) of 2016 issued by the CMA regarding the annual report of the licensed person’s auditor:
Where it was proven to the Authority that they did not commit to assigning an auditor to confirm the compliance of the licensed person with the provisions of Module Seven (Clients’ Funds and Clients’ Assets) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, as the annual report was not submitted to the Authority for the year 2021 by the auditor, which is to be submitted by March 1st at the latest of each year to date.
The Resolution included the infliction of the following penalty: -
“Warning each of Amwal International Investment Company and Al Mal Investment Company.”
In this regard, the CMA emphasizes the implementation of CMA Law and its Executive Bylaws on all persons dealing in securities activities, and urges them to comply with these rules in order to promote investors' confidence, create a sound investment environment, and implement the Law according to the principles of fairness, transparency, and integrity in line with the best international practice.